Garmin Ltd. (GRMN)

Garmin Income Statement

Financials in millions USD. Fiscal year is January - December.

Year Ending	TTM	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Revenue	5,462	5,228	4,860	4,983	4,187	3,758
Revenue Growth (YoY)	12.98%	7.57%	-2.46%	19.02%	11.42%	12.25%
Cost of Revenue	2,308	2,223	2,054	2,092	1,705	1,524
Gross Profit	3,154	3,005	2,807	2,890	2,481	2,234
Selling, General & Admin	1,035	1,008	944	893.09	774.75	683.02
Research & Development	925.75	904.7	834.93	778.75	652.34	605.37
Operating Expenses	1,961	1,913	1,779	1,672	1,427	1,288
Operating Income	1,194	1,092	1,028	1,219	1,054	945.59
Other Expense / Income	-112.04	-108.2	-37.13	11.82	-49.17	-41.64
Pretax Income	1,306	1,200	1,065	1,207	1,103	987.22
Income Tax	-57.65	-89.28	91.39	124.6	111.09	34.74
Net Income	1,363	1,290	973.59	1,082	992.32	952.49
Net Income Growth	41.37%	32.46%	-10.04%	9.06%	4.18%	37.23%
Shares Outstanding (Basic)	192	191	192	192	191	198
Shares Change	0.20%	-0.17%	-0.34%	0.57%	-3.45%	-
EPS (Basic)	7.12	6.74	5.06	5.63	5.19	5.01
EPS (Diluted)	7.08	6.71	5.04	5.61	5.17	4.99
EPS Growth	41.88%	33.13%	-10.16%	8.51%	3.61%	36.34%
Free Cash Flow	1,353	1,183	546.38	704.82	951.84	581.05
Free Cash Flow Per Share	7.05	6.18	2.85	3.67	4.98	2.93
Dividend Per Share	2.920	2.920	2.860	2.620	2.400	2.240
Dividend Growth	0%	2.10%	9.16%	9.17%	7.14%	6.67%
Gross Margin	57.74%	57.48%	57.75%	58.01%	59.27%	59.45%
Operating Margin	21.85%	20.89%	21.15%	24.46%	25.18%	25.17%
Profit Margin	24.96%	24.67%	20.03%	21.72%	23.70%	25.35%
Free Cash Flow Margin	24.76%	22.63%	11.24%	14.15%	22.74%	15.46%
Effective Tax Rate	-4.42%	-7.44%	8.58%	10.32%	10.07%	3.52%
EBITDA	1,485	1,378	1,229	1,362	1,230	1,093
EBITDA Margin	27.18%	26.36%	25.28%	27.33%	29.38%	29.10%
Depreciation & Amortization	178.98	177.57	163.85	154.82	126.72	106.18
EBIT	1,306	1,200	1,065	1,207	1,103	987.22
EBIT Margin	23.90%	22.96%	21.91%	24.22%	26.36%	26.27%

Source: Financials are provided by Nasdaq Data Link and sourced from the audited annual (10-K) and quarterly (10-Q) reports submitted to the Securities and Exchange Commission (SEC).